Business started from huge borrowings at very low rates. Now interest rates have gone up I suspect they no longer have a viable business when it comes to refinancing. We have seen this happen so many times, I presume the lenders have some significant guarantees somewhere. Ducati Worcester is Completely Motorbikes as is the Nth Wales Ducati dealership I think.
Surely anyone could see though that the rate they were expanding was not sustainable? The Hinckley site is the biggest used bike place in the uk but to keep that running they must have a footfall of hundreds of customers a week. I’ve never been to staverton and seen more than a dozen people floating around
If ALL of their bike stock was paid for maybe it’s survivable but not if you are borrowing against depreciating assets when your creditors are upping the rates
I think there may have been a glimmer of relief which turned sour once the BoE decided not to follow the US in base rate drops.
They bought Woods (Abergele) Ducati & Triumph dealership and opened a, built from scratch, Triumph solus dealership in Sealand (outside Chester) less than 30 miles away, shortly after. You’d wonder how that made sense when they are less than half an hour away from each other on the fast moving A55.
Looks like it's gone supposed to pick my bike up in north Wales tomorrow couldn't get hold of them looks like I've lost £2200, only paid them Wednesday couldn't stop bank paying them,, shit happens
Very worrying, picked up a new bike from them this week, and waiting for a warranty claim as the bikes tank was damaged. Not as bad as loosing deposits, feel bad for anyone who has handed money over and waiting.
